Oak Park IL Real Estate Market Report, week of January 5, 2015

Real Estate Agent with RE/MAX in the Village, Realtors

Oak Park IL Real Estate Market Report, week of January 5, 2014


38 homes sold in Oak Park IL

There were 13 condos, 4 multi-family properties, and 21 single family homes sold during the past 2 weeks in Oak Park IL.

The average sales price for the single family homes was $513,000. The average time on the market was 88 days.

Because these statistics are only for two weeks and for all of Oak Park, it may not tell you what is possible for a specific home. These are just the general market statistics of what happened in the last week in Oak Park IL real estate.

Own a home in Oak Park IL? Find out what it's worth here!

Least expensive home reported sold in Oak Park IL

The least expensive home reported sold the past 2 weeks in Oak Park was a 3 bedroom, 2 bath stucco bungalow on a 35 x 125 foot lot on the 1100 block of south Highland Ave. It sold for $265,000 after 105 days on the market with an original asking price of $289,900 which was reduced to $284,900.

Located in the 60304 zip code and the Irving Elementary, Percy Julian Middle School, and Oak Park-River Forest High School districts per MLS info.

The pictures show that the home had hardwood floors and relatively basic finishes but was move-in ready. These buyers seem to have gotten a great deal for the price!

Most expensive home reported sold in Oak Park IL

The most expensive home reported sold in Oak Park was a 6 bedroom, 3.5 bath Frank Lloyd Wright home on the 1000 block of Superior St. The Wooley House, built in 1893, sits on a 42 x 183 foot lot and has been extensively renovated. The interior pics showed a spacious floorplan with tons of natural woodwork, art glass windows & doors, and custom fixtures throughout. Priced at $1,199,000, this house flew off the market for $1,124,500 in just 6 days.

Sold Deal Of The Week in Oak Park IL

In my opinion, the best deal of the homes sold these past 2 weeks in Oak Park was a 3 bedroom, 1.5 bath Queen Anne bungalow on the 800 block of north Harvey Ave in Whittier School District. It was completely rehabbed with crisp white trim & doors, white cabinet kitchen with granite & stainless, chic spa-like baths. It sold for $430,000 after 35 days on the market (original asking price of $479,000, reduced to $459,900).

Foreclosures & Short Sales in Oak Park IL

2 of the single family homes sold these past 2 weeks in Oak Park were foreclosures, and none were short sales.

Today there are 7 foreclosed homes for sale in Oak Park IL and 5 homes listed as a short sale in Oak Park IL.

Inventory & Absorption Rate in Oak Park IL

Today there are 93 single family homes for sale in Oak Park IL. If homes in Oak Park continue to sell at the same pace and no more homes hit the market, it will take 4 months to sell all the available homes. This statistic is for all homes in Oak Park and based only on this month's activity. Most people consider a housing market healthy if there is a less than 6 months' supply of inventory, so we re bordering on a Seller's Market.

New Listings in Oak Park IL

There were 25 new properties to hit the MLS the past 2 weeks in Oak Park IL. See all listings here!

This Week's Hot New Listing in Oak Park IL

The best deal in my opinion of this week's new listings is a completely renovated 1894 Victorian on Taylor Ave, just north of Lake St. This 4 bedroom, 3.5 bath home has a very livable floor plan with an opened-up main living floor, chef's kitchen, family room. 4 bedrooms including a master suite sit on the 2nd level, and the lower level is finished as well. It's offered for $698,000. See all pics & details here!

Looking Forward...

6 condos and 9 single family homes were reported as going Under Contract (contingent/pending) the past 2 weeks in Oak Park IL... Not too bad for the holiday season! Currently there are 44 single family properties in total that are Under Contract in Oak Park.

See the full Oak Park Market Insider here & subscribe for monthly updates!

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The Fine Print: This report covers what happened from December 15, 2014 - January 5, 2015 based on info from the MRED LLC multiple listing service (MLS). As always, there may have been more closings that may not have been reported to MRED as of today's posting as well as other closings that took place outside of the MLS. All data has been compiled from the MRED MLS by Laurie Christofano, Realtor with The Pych Team @ RE/MAX In The Village.

Posted by

Laurie Christofano, Realtor

ABOUT THE AUTHOR: Laurie Christofano has been a real estate broker since falling into the field in 2007 upon deciding to leave medical school. Passionate about local architecture and determined to make a living "helping people" (as she set out to do since deciding to become a doctor; albeit she's now helping with a different but also important aspect of people's lives), she's worked with buyers, sellers & renters all over Chicago's city & suburbs. Proud member of The Pych Team @ RE/MAX In The Village, Your #1 Pick! Learn more: http://traffic.libsyn.com/brianplain/TAA020.mp3

Find out how much your Chicago area home is worth in today's market:
go to http://myhousepage.com/chicagoland-house-values
(FREE service for Chicagoland homeowners)

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ActiveRain City and State Listing Group
Christiansted, VI

Appealing layout, specific market location identified by City and State, along with useful information designed to attract buyers and sellers to you is what the Group City & State: Listings and Market Reports is all about. Nice job.

Jan 07, 2015 12:27 AM #1
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Laurie Christofano ... I'd say your comment about the number of under-contract homes during the last two weeks of the Holiday Season is an understatement!  That's very good news for our local Chicagoland housing market ... 


Jan 08, 2015 10:03 AM #2
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Laurie Christofano

ABR, The Pych Team at RE/MAX in the Village
Buy or Sell in Chicagoland
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